Is zakat due on 260 sheep that have completed their hawl (one year), but their price has not yet been paid?

The madhhab of the majority of scholars, including the Malikis, Shafi'is, and Hanbalis, is that debt does not prevent the obligation of zakat on apparent wealth (such as pasturing livestock, grains, fruits, and minerals), but it does prevent it on hidden wealth (such as gold, silver, banknotes, and trade goods). They based this on the fact that zakat collectors did not inquire about the debts owed by the owner of the wealth. The Hanafis, however, held that debt prevents zakat on hidden wealth and livestock, but not on what is due from produce of the land. The more correct view is that of the majority of scholars, and accordingly, zakat is obligatory on sheep.